River Oaks senior housing project gets $50 million for construction

A senior housing developer has received a $49.7 million construction loan to start a project in the River Oaks area that neighbors recently had attempted to stop.

The Village of River Oaks will be a 195-unit senior housing community located at 1015 S, Shepherd Dr., near the intersection of South Shepherd and Allen Parkway. It will offer independent living, assisted living and memory care units and will be managed by Retirement Center Management, an affiliate of Bridgewood Property Co., which is developing the project with Harrison Real Estate Capital.

Aron Will and Austin Sacco with CBRE’s National Senior Housing practice, arranged the financing from a regional bank.

“There were various obstacles along the way that made this a challenging project, however, this is one of the most unique and impressive projects we have had the opportunity to be involved with,” Sacco said in a statement.

The project was the subject of a lawsuit filed by condominium owners who complained that the planned facility would hurt their property values, in part because of potential emergency vehicle visits needed by the complex’s elderly residents. The condo owners dropped the suit last month.

Bridgewood has similar properties in Tanglewood, The Woodlands, Meyerland and the Heights.